Today is the last date to get Jio Fin shares from Reliance Industries

Reliance Industries will turn ex-date on July 20 for the proposed demerger of its financial services business into Reliance Strategic Investments Limited. Shareholders who wish to get the spun-off entity, to be renamed Jio Financial Services Limited, must buy the Reliance Industries shares today itself.

Axis Securities expects JIo Financial to list around Rs. 160. “Post demerger, we value Jio Financial Services at the treasury stock valuation of Rs. 1,08,597 crore (1x RIL’s treasury stock valuation),” it said.

The company’s total outstanding shares stand at 676.60 crore, implying each share’s valuation would be Rs. 160/share. The shareholding pattern will be the same as that of Reliance Industries Ltd, it added. “We value JFSL at treasury stock valuation as the business model of the company is yet to be announced.

Even if the entire allocation is not directed towards JFSL, the company might be able to leverage the same for regulatory funds,” it further said.

Axis Securities recommends investors buy Reliance Industries before the record date as the brokerage expects it to be a more economical way to buy Jio Financial Services shares. 

Meanwhile, the National Stock Exchange and the BSE will conduct a special pre-market session on July 20 for Reliance Industries Ltd on account of demerger. All current derivative contracts on Reliance will expire today and will be reintroduced tomorrow afresh, adjusting to the demerger.

 Reliance Industries will declare its first quarter results for FY24 on July 21.

From July 20, Jio Financial will be included in indices such as Nifty 100, Nifty 200, Nifty 500, Nifty50 Equal Weight, Nifty 500 Multicap 50:25:25, Nifty Commodities, Nifty Energy, Nifty India Manufacturing, Nifty Infrastructure, Nifty LargeMidcap 250, Nifty Low Volatility 50, Nifty Mobility, Nifty Oil & Gas, Nifty Total Market, Nifty 100 ESG, Nifty 100 Liquid 15 and Nifty100 Low Volatility 30.

Among the BSE, it will feature 18 indices, including BSE100, BSE Sensex50, BSE100 LargeCap 100 TMC, BSE 200, BSE 500, BSE India Manufacturing Index, BSE 250 LargeMidCap Index, BSE LargeCap, BSE LargeMidCap, BSE AllCap and BSE Greenex.